1. Inflation Targets and Current Inflation 1. The Federal Reserve's 2% PCE inflation target is unswerving. Achieving price stability is the Federal Reserve's statutory duty. Currently, the primary focus is on prices. 2. If inflation cannot quickly fall back to 2%, the Federal Reserve still has a lot of work to complete. 3. Although this summer's inflation data was better than expected, there was no substantial change in the potential inflation trend, and overall inflation did not improve significantly. 4. Mid-term inflation expectations have remained generally stable; market pricing reflects the market's confidence that the Federal Reserve will achieve price stability. 5. Wage growth is at a moderate level, but wage growth is not a reliable indicator for predicting future inflation. 2. Abandon forward-looking guidelines 1. Abandoning forward-looking guidelines has attracted a lot of criticism, but forward-looking guidelines themselves are prone to confusion. 2. The market should not be allowed to rely too much on the forward-looking guidance given by the Federal Reserve; the market itself should always be alert. 3. Risk of a vicious cycle: The market relies on the Federal Reserve's guidance, and the Fed also refers to market reactions, so it is easy to ignore the latest actual economic changes. 4. The Federal Reserve needs to obtain raw market signals that are as clear as possible and unfiltered by policy communication to guide policy judgments. 3. Judging the US economic and financial environment 1. I am deeply impressed by the overall economic performance. The economy has strengthened, and the possibility of significant economic growth is increasing. 2. Corporate investment is rising rapidly, and we need to focus on evaluating the impact of high capital expenditure growth expectations on corporate profits. 3. The credit and loan markets can hardly see the effects of monetary policy austerity; currently, it is difficult to determine that the financial environment is restrictive. At the April Interest Meeting, the vast majority of members believed that choosing to wait and see was a wiser decision. 4. AI and Special Working Group 1. Artificial intelligence is a new variable that will have an impact on the US economy and monetary policy implementation. 2. The results of early communication with the heads of the Federal Reserve's special task forces are encouraging.

1. Inflation Targets and Current Inflation 1. The Federal Reserve's 2% PCE inflation target is unswerving. Achieving price stability is the Federal Reserve's statutory duty. Currently, the primary focus is on prices. 2. If inflation cannot quickly fall back to 2%, the Federal Reserve still has a lot of work to complete. 3. Although this summer's inflation data was better than expected, there was no substantial change in the potential inflation trend, and overall inflation did not improve significantly. 4. Mid-term inflation expectations have remained generally stable; market pricing reflects the market's confidence that the Federal Reserve will achieve price stability. 5. Wage growth is at a moderate level, but wage growth is not a reliable indicator for predicting future inflation. 2. Abandon forward-looking guidelines 1. Abandoning forward-looking guidelines has attracted a lot of criticism, but forward-looking guidelines themselves are prone to confusion. 2. The market should not be allowed to rely too much on the forward-looking guidance given by the Federal Reserve; the market itself should always be alert. 3. Risk of a vicious cycle: The market relies on the Federal Reserve's guidance, and the Fed also refers to market reactions, so it is easy to ignore the latest actual economic changes. 4. The Federal Reserve needs to obtain raw market signals that are as clear as possible and unfiltered by policy communication to guide policy judgments. 3. Judging the US Economic and Financial Environment 1. I am deeply impressed by the overall economic performance. The economy has strengthened, and the possibility of significant economic growth is increasing. 2. Corporate investment is rising rapidly, and we need to focus on evaluating the impact of high capital expenditure growth expectations on corporate profits. 3. The effects of monetary policy austerity can hardly be seen in the credit and loan markets; currently, it is difficult to determine that the financial environment is restrictive. At the April Interest Meeting, the vast majority of members believed that choosing to wait and see was a wiser decision. 4. AI and Special Working Group 1. Artificial intelligence is a new variable that will have an impact on the US economy and monetary policy implementation. 2. The results of early communication with the heads of the Federal Reserve's special task forces are encouraging.